By TIOL News Service

NEW DELHI, OCT 21, 2016: THE Headquarters Unit of the Directorate General of Central Excise Intelligence has detected and seized massive records of black money to the tune of Rs. 2300 crores at a secret office at Harsh Nagar, Kanpur being maintained by the Managing Director of the Rimjhim Ispat Group. This was being done to avoid declaring actual purchase, manufacture and sale of iron and steel products to the various Tax Departments of the Central and State Governments to escape the tax liabilities.

Rimjhim Ispat group comprises of a number of Companies , and is a leading manufacturer of TMT bars (Saria), iron and steel flats, billets , wires, HR coils etc. The MD of the group was interrogated on 19.10.2016 and put under arrest under section 13 of the Central Excise Act 1944 for further investigation.

DGCEI continues its drive against clandestine manufacture and black money and has achieved significant results in the recent past. Recently, DGCEI had detected eight illegal packing machines of pan masala and Gutkha in Dabri village area of New Delhi and arrested the two masterminds. In this financial year so far, DGCEI has recovered over Rs. 1000 crores from tax evaders in its central excise and service tax investigations.